1. Bob and Bianca, married taxpayers, earn $95,000 in taxable income and $20,000 in interest from an investment in city of Bubble Bonds. Using the U.S. tax rate schedule for year 2020, what is their tax liability? Calculate tax liability using the 2020 federal tax rate schedules. What is their average tax rate? What is their effective tax rate? If Bob and Bianca earn an additional $40,000 of taxable income, what would be their marginal tax rate on this income? [Round the tax rates to 2 decimal places, e.g. 12.35%] (worth 12.5 points)